On 27 August, OFAC announced that UBS AG had agreed to pay $1,700,100 to settle 222 apparent violations of the Global Terrorism sanctions regime. According to OFAC, from early 2008 to early 2013, UBS processed 222 transactions involving securities custodied in the United States on behalf of an individual who was designated a Specially Designated Global Terrorist (“SDGT”). The individual was designated as an SDGT by the United States in October 2001 and also was subject to asset freezes imposed by Switzerland, the United Kingdom, the European Union, and the United Nations. However, the individual’s name has not been disclosed because of Swiss bank secrecy regulations. Although UBS had blocked the individual’s bank accounts, UBS continued to engage in securities-related transactions on the individual’s behalf. OFAC determined that the apparent violations were non-egregious and that the total base penalty amount for the apparent violations was $3,778,000.